New Mexico Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| New Mexico | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before May 1 Non Life Insurance: Before November 1 | $50 minimum, written notice to last known address 60 to 120 days prior to report filing | Required | Property holders may arrange for managed audits (self-audits) | 25 or fewer properties may be submitted using manual forms. Electronic reports must be in NAUPA II format and submitted through the online portal. | Funds: Check Securities: DTC | New Mexico Unclaimed Property |
The current statutes that govern unclaimed property in New Mexico can be found here along with the Holders Filing Kit. New Mexico has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
New Mexico Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in New Mexico is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
New Mexico Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 120 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
New Mexico Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Life Insurance companies and before November 1 for Non Life insurance companies.
New Mexico Unclaimed Property Reporting Format
25 or fewer properties can be reported manually. Electronic reports must be electronic only and in the NAUPA II file format.
New Mexico Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through Check. Securities can be transferred through Depository Trust Company (DTC).
New Mexico Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. New Mexico requires negative reports.
New Mexico Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. New Mexico does not have a VDA program but property holders may arrange for managed audits (self-audits).
New Mexico Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of New Mexico vary, refer to the state dormancy period in the Holders Filing Kit.
More information from the state of New Mexico on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.